Chapter 11 Bankruptcy

Can I discharge back utility bills through the bankruptcy process?

11/25/11

When people are current with their utility bills, utilities rarely become an issue in bankruptcy.  That is because Section 11 U.S.C. § 366(a), prohibits utility companies from discriminating against people based solely on bankruptcy filing.  However, often being current is not the case and people seek to discharge their back utilities debts through bankruptcy. You [...]

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Congressman Ruben Hinojosa files updated schedules of assets and income

11/14/11

Congressman Ruben E. Hinojosa who is battling the author a San Antonio Bankruptcy Attorney about the Congressman’s sealed bankruptcy petition, has filed amended schedules of assets, income, and expenses.  While this is routine in reorganizations as more things come to light and things change, it might be interesting to the reader to get a more detailed [...]

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MF Global company headed by former New Jersey Governor Jon Corzine files bankruptcy owing billions.

11/04/11

MF Global filed bankruptcy amid allegations of misconduct followed shortly by the resignation of former New Jersey Governor and U.S. Senator from his Chairman and CEO position at MF Global. The former Goldman Sachs executive could not save a troubled business that owes more than a billion dollar to Chase, about a billion to Deutsche [...]

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Solyndra scandal haunts Obama, Bankruptcy case shows the poor deal the federal government made

09/28/11

Conspicuously absent from the bankruptcy filing is mention of the $500 million dollar loan that the federal government made.  The only thing filed is a notice of appearance.  Two class actions were filed under the WARN Act (Worker Adjustment and Retraining Act) which requires 60 days notice of layoffs which apparently was not complied with [...]

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8 Eye-Opening Secrets That Reduce the Pain of Bankruptcy

09/26/11

SECRET #1: Most people keep all their property. Illinois law allows you to keep your home, cars, furniture, appliances, employer sponsored retirement and other things you need to get a fresh start. While there are limits to the values of what you can keep, typically you are not required to give up anything. In general, [...]

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Debts You Can & Cannot Erase with Bankruptcy

09/26/11

Here’s how different debts are treated in bankruptcy: Debts Dischargeable in Chapter 7: Personal loans – such as money borrowed from friends Credit cards Repossession deficiencies Auto accident claims Health care bills Judgments Debts from a Business Leases Guaranties Negligence claims Tax penalties over 3 years old Non priority taxes Possibly Dischargeable in Chapter 7: [...]

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11 Tragic Misconceptions About Bankruptcy

09/26/11

MISCONCEPTION #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills, but sometimes things happen that make it impossible. These things include an unexpected lawsuit, judgment or income tax bill – a fine that was considered excessive or in dispute – and more. Bankruptcy is a legal right that is provided [...]

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20 Costly Mistakes to Avoid When Thinking About Filing for Bankruptcy

09/26/11

MISTAKE #1: Taking out a second mortgage against your home, often called a home equity loan. You can’t borrow your way out of debt. Many people hope to avoid Illinois bankruptcy by getting a home equity loan to pay off medical bills, credit card debt, and other obligations. And, not surprisingly, banks and other lenders [...]

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7 Mistakes Lawyers Make That Could Put Your Confidential Information Into The Hands of Identity Thieves

08/14/11

In each of the following mistakes, ask yourself whether you think a receptionist, delivery person, or cleaning crew could get their hands on your confidential legal documents. I think you’ll agree that any one of these mistakes could result in your Social Security Number and other secret information falling into the hands of someone who [...]

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WARNING TO California and Florida Residents

08/14/11

If you live in California or Florida, your financial problems are probably more serious than if you lived in other states. The large number of residents in these states – combined with home values that skyrocketed and then collapsed – resulted in many people owing far more on their homes than their homes are worth. [...]

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